I just finished first round of interviews at Charles Schwab. They mentioned starting off as a financial consultant level 1. Can anyone give insight as far as comp structure? What’s the average payout for this position? How long fits it take to move up levels?etc

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The levels are based on the AUM in your book and how much you close every quarter. If you start from zero it's very difficult to level up. I've only seen a couple of FCs go from level 1 to 3 over the course of 10 years but they had a headstart in what they inherited. It's nearly impossible to get to level 4. B

Payout - Depends on your base pay and what your book pays you or your guarantee. (Work with your manager to ensure that your book is built up to your guarantee). This was my total income while I was 2014 - 120
2015 - 135
2016 - 155
2017 - 175
This was a combination of base, commission, and equity awards.

I was under the impression that Schwab gave you a book that was in that area.. you call, get clients invested, and perform financial plans and call on clients that are in your area? Is that not right?

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